Construction for The Reem Mall is scheduled to begin at the start of 2015 and the project will take around three years to complete, it added.

Shane Eldstrom, NREC's vice president - development, said: "The Reem Mall project is now in full swing and we are in the process of hiring and working with the best consultants and advisors."

An investment of around $1 billion will be put into The Reem Mall project and will include around 450 stores, 85 restaurants, and a range of entertainment features across three floors.

Co-founder of mSquared Rashid Doleh said: "We are working closely with NREC to provide a bespoke retail strategy that will set the foundations for The Reem Mall.

"Our paramount focus is always on defining the correct retail experiences for the target audience. Collaboration with our retail partners ultimately translates into long term opportunities for all stakeholders, and an asset that is geared for growth in value in the future."

mSquared said it currently has responsibility for approximately seven million square feet of retail development and leasing space.

Eldstrom added: "The Reem Mall will offer our customers everything from fashion to film to footwear to fun. The Mall will contain some of the world's most popular brands and some of the best food and drink establishments available."

Established in Kuwait in 1973, NREC has assets exceeding $ 1.9 billion and manages 80 million square feet of land. The Reem Mall will be one of the largest projects that NREC has undertaken.